Morgan Stanley Platinum: Criteria?

Neil_H_2

I applied for a Platinum card through Morgan Stanley and got a rejection letter through the post a few days later. The letter doesn't say why though, and I didn't think I would be in a position to get rejected. I got my £2 credit checks from Experian & Equifax, and the only info on here is that I'm on the electoral roll and I have an account with Orange! I don't have any debts, I have numerous ISAs and savings, I'm 25 and on £31k a year. Surely I don't pose much of a risk?!?!?

Anyone had a similar experience, or know if there is something major that I have failed on?

Cheers
NH

tomasxsmith

Probably because you haven't had credit in the past. They have no way of seeing how you handle repayments so just reject you for that. You don't sound like a risk to me. If your in good financial shape and haven't had credit before, maybe you should try getting a credit card from the bank you bank with. They can see how you manage your bank account and might give you one
A friend of mine who is 26, earns nearly 40 grand and works in the CID got rejected for a crappy store card because she has never had any credit. Applyed for one with her bank and got 10k limit!

stev1664

As mentioned above, you have no experience with debt, therefore to them you have no credit rating. You can start by getting a low creditcard probably from your bank, if you maintain that, it will give you a good credit rating...

Neil_H_2

Okay, thanks for your responses guys. If I got my banks credit card, would I actually have to spend on it, or would just owning it boost my credit rating? This is probably a really stupid question, but I've never owned a credit card (I've never needed one) and therefore don't know much about how they work...

OlegD

I was about to post pretty much the same question.

I'm in a similar situation to yourself. I was given a credit card by my bank when I got my student account , but I haven't used it in the five years I've had it. I only got a contract phone and broadband Internet last week, and my only experience of paying regular bills has been in Canada. So far I've been rejected by Egg and Marks & Spencer (which by pure coincidence are recommended for the 'balance transfer' loophole...). I've also applied for the Morgan Stanley Platinum; a woman called me to ask for further address details this morning but I'm braced for rejection with them too.

Is there anything I can do beyond just racking up purchases on my HSBC card for a few months?

Fahim_2

Try to apply for credit builder cards like i did. CapitalOne, AQUA, Vanquis....these are credit builder card and can really help you get better credit.....

OlegD

Thanks for the tip; I'll do that. Same question as above though; can I just shove these cards in a drawer and forget about them until my credit score improves, or do I actually have to buy stuff on them? Also, does my HSBC card count as a 'credit builder' card?

Finally, as far as improving my score goes, is it an idea to pay off everything bar £1 and then just make the minimum payment on that for ages?